USDA Home Loan

USDA home loans are offered at great rates. The USDA mortgage is a government loan program that allows home buyers to purchase a home and finance the closing costs in addition to the purchase price, as long as the home appraises for the loan amount. This is another one of those “sounds too good to be true” or “so what is the catch?” types of programs, however, this is a very real and popular loan program.

By the way, rates are typically low compared to the market. The limitation of this loan product is that the home must be located in a rural area (search property here), and that there are maximum household income limitations with some exceptions. You do not have to be in the poverty level either, like some programs seem to require. In many cases, a family of 1 to 4 can earn up to more than $70,000 for the combined household income and still be OK.

So why are USDA home loans popular? Because it allows people to finance in their closing costs, as well as get a great rate without a prepayment penalty and with monthly mortgage insurance that is the lowest on the market.

Get prequalified for a USDA loan by clicking the blue button below.
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